Understanding the electrical conduction and dielectric polarization properties of elastomer-based composites is important for the design of flexible and elastic electronic devices and circuits. Five samples were manufactured by mixing silicone rubber (RTV-530) with Al particles in different volume fractions, x equal to 0%, 0.5%, 1%, 2.5% and 5.1%. Using the complex impedance measurements, the electric modulus, M, the electrical conductivity, σ, and the dielectric permittivity, ε, over the frequency range 100 Hz–200 kHz were analyzed. The electrical conductivity spectrum, σ(f), follows the Jonscher universal law and the DC conductivity of the samples, σDC, increases from 2.637·10−8 S/m to 5.725·10−8 S/m, with increasing x from, 0 to 5.1%. The conduction process was analyzed in terms of Mott’s variable-range-hopping (VRH) model. The hopping distance of the charge carriers, Rh decreases with increasing x, from 7.30 nm (for x = 0) to 5.92 nm (for x = 5.1%). The frequency dependence of permittivity, ε(f) = ε′(f) − iε″(f), reveals a relaxation process with the maximum of ε″(f) shifting from 301 Hz to 385 Hz and values of ε′(f) increasing with the increase of x.